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Large industrial lease transaction for National Institutional Client

​SituationJones Lang LaSalle’s client, BlackRock, sought a quality tenant to fill a large vacancy in its Anaheim Distribution Center facility. The former tenant, a manufacturing firm, moved its operations to Mexico due to rising labor costs in California. During our fact-finding activities at the outset of the assignment, Jones Lang LaSalle learned that another Anaheim Distribution Center tenant, American Sports Centers, desired to remain at the project, expanding its presence to take over an entire 242,000-square-foot building of the two building, 520,000-square-foot project.

Strategies

Leveraged long-term relationships with Anaheim Distribution Center tenants (team has worked on the project since its construction in 2000) to negotiate property decommissioning of manufacturing space and introduce new lease terms and conditions for American Sports Centers’ long-term occupancy and expansion.

Engineered a clearly defined separation between American Sports Centers’ desired sports use and the additional pending vacant industrial space to ensure success of current transaction and marketability of future transaction for remaining space

Structured lease terms to allow for maximum flexibility for both sports and industrial uses while limiting any exposure for BlackRock, an institutional landlord with a billion-dollar portfolio

Achievements

By delivering market intelligence to landlord and tenant, our team successfully determined a win-win lease rate, terms and concessions in the most challenging commercial real estate market in 25 years

Reached a 15-year lease term agreement with American Sports Centers that included new offsite parking to eliminate any interference with the adjacent industrial building asset

Have proactively repositioned the industrial asset through major refurbishment and building standard upgrades; generating numerous qualified tenant tours and a pending 200,000 s.f. 15 year lease

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